Greetings,
Credit: Corporate bonds saw substantial inflows this week as Treasury yields tumbled.
This chart shows states’ revenue shortfall this year. Since significant support from the federal government is unlikely at this point, it’s a bit surprising to see further strength in the muni market this week.
Alternatives: Macro hedge funds are now often used as a portfolio hedge.
Rates: Will the Fed focus on longer maturities in the next easing phase?
China: Infrastructure spending has been modest compared to the post-2015 stimulus.
Eurozone: European banks have tightened lending standards.
Low rates have squeezed bank net-interest margins, contributing to more than a decade of underperformance. Is the bottom in?
Food For Thought: Campaign spending data:
Edited by Devon Lall
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